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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenyan shilling closes week below 101-mark against USD   

NAIROBI (Xinhua) -- The Kenyan shilling on Friday gained more ground against the U.S. dollar to cross below the 101 mark and end the week higher.

The shilling traded at an average of 100.80 to the dollar on Friday, over a 20-month high, from 101.00 in the Thursday session.

The Central Bank of Kenya placed the local unit at 100.79 from 101.00 against the dollar in the previous session.

On the other hand, commercial banks in the East African nation quoted the shilling at between 100.75 and 100.95 up from Thursday’s margins of 100.70 and 100.90.

Currency traders in the financial institutions attributed the rise to inflows at the debt and stock market, which have helped to offset dollar demand from importers.

Against the British pound, the shilling declined marginally to trade at 140.56 on Friday, down from 140.49.

Since the start of the year, the Kenyan shilling has appreciated by at least 1.2 percent against the dollar, pointing to a stronger growth, but analysts have forecasted that it may fall in the coming months to hit 107.00.

             

 

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